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Cummings: ‘Credit Unions have to become more businesslike’

Cummings: ‘Credit Unions have to become more businesslike’

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Feature speaker at the 50th anniversary lecture of the Kingstown Co-operative Credit Union (KCCU) Andrew Cummings has called on the institution to remain focused as they move forward in the global environment.{{more}}

Cummings, speaking last Saturday at the Kingstown Methodist Church Hall, also called for other members of the co-operative society to work together in their endeavors.

Speaking on the topic ‘The relevance and applicability of the co-operative philosophy in a developing society’, Cummings acknowledged in his 50-minute long speech that times are indeed changing, and although the credit unions should stick to the core philosophy of building individuals and communities, they should also adjust to world changes.

“We have to become more business-like. We need to re-tool or tool up in order to face the hostile global environment.”

“Credit Unions cannot sit idly by. They have to embrace the changes, but we should keep the ideals of the co-operative movement in mind.”

The Queen’s Counsel said that the Unions should be up to date with the modern trends and happenings, and that technology should be at the forefront, as the Unions compete with Banks.

“It is my view that this is a technological era, and the Credit Unions have to come to terms with this.”

“No longer must we be the poor cousins of the Banks. As we grow and build we must be worthwhile competitors.”

“People must prefer to come to us rather than to go to the Bank, because we know the clientele. We must reach out to encourage people to build with us so we could build each other.”

The call for the investment in training, education, efficiency and courtesy was also made by Cummings.

He appealed to the Unions to work together meaningfully and wholesomely with a single minded focus, in order to build a stronger fraternity.

“We all have a contribution to make. Let us pool our resources. We would become one, and there is strength in unity.”

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